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Summary

Santiment sheds light on the prevalence of short positions in Cardano (ADA) and XRP, suggesting a potential bullish outlook for both assets.

Introduction

Santiment, a leading cryptocurrency analytics platform, has highlighted the significant shorting activity involving Cardano and XRP, indicating a potential positive signal for the digital assets amidst recent market fluctuations.

Main Points

Cardano and XRP are among the prominent altcoins experiencing heavy shorting activity despite relief bounces. The liquidation of short positions could fuel a price increase. Derivatives data shows a dominance of short positions, but Binance account ratios reflect more optimism. MVRV ratios and recent price movements suggest undervaluation of Cardano and XRP.

Conclusion

Santiment’s analysis suggests that the heavy shorting activity surrounding Cardano and XRP, along with insights from derivatives data and account ratios, point towards a potential bullish turnaround. The potential for short covering and undervaluation of these assets may lead to a rapid price recovery in the near future.

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